Spandana Sphoorty Financial has allotted 12,000 non-convertible debentures (NCDs) worth Rs 120 crore to IIFL Income Opportunities Fund - Series 2.The management committee of the board of directors of the company at its meeting held 26 February 2021 has approved and allotted 12,000 secured, rated, listed, redeemable, non-convertible debentures of face value of Rs 1,00,000 each, at par, on a private placement basis to IIFL Income Opportunities Fund - Series 2, in demat form, in consideration of an aggregate amount of Rs 120 crore.
The interest rate on the instrument is 12.50% per annum payable monthly. The tenure of the instrument is 36 months. The date of allotment is 26 February 2021 and the date of maturity is 26 February 2024.